09:01:15 EST Thu 12 Dec 2019
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Upco International Inc
Symbol UPCO
Shares Issued 63,773,341
Close 2019-07-08 C$ 0.065
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Upco, Sorgente Tesorino partner to promote UpcoPay

2019-07-08 10:28 ET - News Release

Mr. Andrea Pagani reports


Upco International Inc. has launched its strategic partnership with Italy-based Sorgente Tesorino, a major bottler and distributer of mineral water.

Upco International and MLC SRL, owner of Sorgente Tesorino mineral water brand, have fully launched a co-branding and joint promotions agreement, as preannounced last year in the May 29, 2018, announcement. Under the terms of the agreement, Sorgente Tesorino will promote UpcoPay by including consumer offers in each multipack of mineral water distributed in Italy and China.

Sorgente Tesorino will include a QR code on each bottle's label that consumers can scan to download the UpcoPay app. Available within the app will be a specific section where multiple offers can be found.

In April, 2019, MLC, owner of the Sorgente Tesorino mineral water brand, signed a production and distribution contract with the Chinese government group COFCO (China National Cereals, Oils and Foodstuffs Corp.). COFCO is a world-leading agri-products importer. COFCO does revenues of $70-billion (U.S.) annually, has assets of $83-billion (U.S.) and has more then 124,000 employees.

The 15-year contract between MLC and COFCO outlines an initial supply phase of a minimum of 2.3 million bottles per month, with the request to expand rapidly toward 10 million bottles per month.

With the co-branding agreement in place, Upco plans to target millions of potential new users per month by inviting them to download the UpcoPay app. Upco and MLC will award consumers with e-commerce promotions, cash back programs and complimentary international telecommunications services.

The Chinese market will receive the first co-branded bottles in the first week of October, 2019.

Gerben Borsje, director and board member of Upco Systems SRL, commented: "Communication on the packaging of the high-quality Tesorino water bottles, along with on-line communication, creates curiosity in the Chinese market. We anticipate an increase in mobile payments volume within our app. Additional, the curiosity should lead to the use of our high-value telecom services. We look forward to intensify our relationship with MCL by expanding this co-branding strategy."

Vittorio Noti, chief executive officer of MLC, commented: "We are excited to collaborate with Upco on this co-branding and joint promotions agreement. We believe that, through this relationship, the UpcoPay app will be reaching the eyes of many Chinese people and will create value for both companies."

About Upco International Inc.

Upco International is a cloud-based mobile service company that provides high-quality voice termination to a market driven by the growing activity in on-line communications and commerce. Upco International is a licensed global telecom carrier within the international VoIP (voice over Internet protocol) wholesale business. Upco International has designed a software application for Apple iOS and Android that is similar to Skype and WhatsApp. With the forthcoming addition of the Upco e-wallet using blockchain payment services, users will be able to send invoices, approve payments, transfer international funds, convert international currencies, and track transfers and payments.

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